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| Close End Fund |
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| Closed-end funds behave more like stock than
open-end funds. They issue a fixed number of units to the public in an
initial public offering, after which time units in the fund are bought
and sold on a stock exchange. The price of a unit in a closed-end fund
is determined entirely by market demand, so units can be either traded
below their net asset value (NAV) or above it. You can purchase units
in a closed-end fund through a broker, just as you would purchase a
share of stock. |
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